EXPERIAN....UK credit information major to expand to India

By PTI , London

Business and credit information major Experian has
 formed a joint venture with seven Indian
  banks and financial institutions to establish a credit
 bureau in India that will advise financial institutions
 and retail businesses about lending to consumers.

Nottingham-based Experian will hold a 49 per cent stake
 in the joint venture, Experian Credit Information Company
 of India, while the other 51 per cent will be shared between
 Axis Bank, Federal Bank, Indian Bank, Magma Fincorp,
Punjab National Bank, Sundaram Finance and Union Bank of India.

Experian is one of only a few companies to have been granted
a provisional licence to operate a credit bureau in India.

It will now apply to the Reserve Bank of India for a final licence.

Richard Fiddis, Managing Director of the strategic markets
division at Experian, said: "Along with our joint venture partners,
we are excited about the creation of the new Experian
Credit Information Company in India.

"With more than 40 years of experience, we operate 15 consumer
and 13 business credit bureaux globally and have played an active
 role in helping shape industry best practice."









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